My federal loan status

Discussion in 'Finance and Investment' started by Ulquiorra, May 9, 2007.

  1. Ulquiorra

    2+ Year Member

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    During my first year of medical school, I took out a small federal loan. The interest on the loan is deferred until I graduate from medical school. Well I recently graduated, and I received a letter a month or so ago stating that I owed them a payment, no surprise there.

    Well I logged onto the site a few weeks later to make a payment, and lo and behold their information says I am expected to graduate on 5/30/2009 and that I do not have to make any payments at this time. I called the 800 number and their automated menu provided the same information regarding my student status.

    Should I correct their mistake?
     
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  3. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD
    Physician Partner Organization 10+ Year Member

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    Ethics aside, if they're anything like the military they will realize their mistake in the next year or so and ask you for their money....all at once. So if you decide not to pay, I would bank that money so you could produce it immediately upon being given notice that you owe it, and don't be surprised if they tack on additional fees for it.
     
  4. Ulquiorra

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    Yeah, that's what I was thinking. Man, it sucks to have a conscience sometimes. Thanks for the input!
     
  5. Doctor Bagel

    Doctor Bagel so cheap and juicy
    Moderator Emeritus 15+ Year Member

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    You can try to call and fix it, but they'll figure it out eventually -- those databases are updated every few months. Also, I don't think they'll penalize you for their goof. I got hit with this once doing my postbac stuff -- one quarter, I took more than 8 hours so I qualified for a deferment. However, my lender didn't find out about it until the next quarter when I was only taking 5 hours and didn't qualify for deferment. I called them about it, and they told me that they would just wait until the school updated it. The school updated it about 2 months later, and I just got a bill like normal and didn't have to make back payments.

    So call them but don't be surprised if they don't take any action.
     

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